Some people will scald you for using bleach in the homebrew setting. While it can be a very affective cleaner, you must take care because chlorine is not good. It will cause a very distinct off flavor even at a very low ppm, and usually must be rinsed off, possibly re-introducing contaminants.
In an interview with the owner of 5 star about star san, he actually discuses bleach as a viable alternatize to star san, which is a no rinse sanitizer. Carefully measuring 1tbs of household bleach (unscented, & grocery store brand is actually better for sanitizing than clorox), and 1tbs of plain white vinegar into 5 gallons of water will give you an effective sanitizer with a 2 minute contact requirement. Without the vinegar, the pH of the water will be too high to affectively kill all microorganisms, but DO NOT mix them together, put one in the water, then the other. Mixing straight bleach with straight vinegar is toxic. This will give you 5 gallons of no rinse sanitizer.
Histo is right in saying that PBW is an alkaline cleanser, and is not meant to sanitize, star san is acid based. PBW is basically a souped up version of Oxy-Clean. Star san is made to be used without rinsing, and breaks down into a beneficial nutrient for the yeast when dilluted into the wort, requiring 30 seconds of contact, and can be used in a spray bottle instead of a 5 gallon bucket.